Should I switch to TSB?

Poppy15

I am trying to decide whether to switch my bank account to TSB and wondered whether they are to be recommended? I am currently with First Direct but I find their banking app inconvenient to use and they don't offer the type of mortgage I need. Any advice and good or bad experiences would be appreciated as I just can't decide what to do. Are they good from a customer service point of view?

TheShape

TSB seem ok to me. I am happy with their online banking, mobile app and the service I've received in three of their branches. Only ever needed to carry out simple transactions though do don't know what they're like in a crisis.

Weigh up the benefits. On their Classic Plus account TSB will soon be offering 3% interest on balances up to £1500 (reduced from 5% on £2k) and you can get a switching bonus of £100 if you follow the process on the main MSE site.

Do you make use of the FD regular/monthly saver?

xylophone

You don't have to obtain your mortgage from a bank where you have a current account.

johnac

I've had an account with First Direct and have one with TSB, the TSB app I would say is better slightly but really much of a muchness. Depends what you thought inconvenient about the FD app?

Even with TSB dropping their interest it's still more interest than you'll get with FD.

I've found calls to FD and TSB service to be similar, although calls to FD near end had quite high wait times not experienced with TSB (although have called TSB less) but couldn't complain about TSB, all good.

P.s. Controversial after last weeks shenanigans but if mobile app is important then Tesco bank is one of best I've used for ease of use.

takman

johnac wrote: »

I've had an account with First Direct and have one with TSB, the TSB app I would say is better slightly but really much of a muchness. Depends what you thought inconvenient about the FD app?

Even with TSB dropping their interest it's still more interest than you'll get with FD.

I've found calls to FD and TSB service to be similar, although calls to FD near end had quite high wait times not experienced with TSB (although have called TSB less) but couldn't complain about TSB, all good.

P.s. Controversial after last weeks shenanigans but if mobile app is important then Tesco bank is one of best I've used for ease of use.

Technically that's not true. The 6% FD regular saver will pay just over £115 interest if fully utilised. With the new TSB rate you can only get a maximum of £45 interest after a year.

GingerBob_3

Should you switch to TSB? According to this thread you shouldn't:


https://forums.moneysavingexpert.com/discussion/5557510

TheShape

takman wrote: »

Technically that's not true. The 6% FD regular saver will pay just over £115 interest if fully utilised. With the new TSB rate you can only get a maximum of £45 interest after a year.

Now 5%. Don't know yet if OP has use for the regular saver but it would be possible to switch to TSB and then open another FD for the regular saver. Perhaps also get a switching bonus to FD with a little effort.